NEW DELHI, Sept 13: BRICS leaders have renewed their push for stronger financial cooperation and easier cross border transactions, with the grouping placing greater emphasis on local currency settlements and reducing barriers to international trade.
The discussions formed part of the two-day BRICS Summit held in New Delhi on September 12 and 13, where leaders addressed trade, investment, energy, infrastructure and other economic priorities.
The grouping has been exploring ways to make cross border payments more efficient and reduce dependence on traditional international payment channels. Greater use of members’ domestic currencies could potentially lower transaction costs and reduce exposure to fluctuations in major global currencies.
The issue has gained importance as BRICS expands its economic footprint and seeks greater representation for emerging economies in global financial institutions.
The New Delhi Declaration also highlighted cooperation in areas including energy transition, digital agriculture, healthcare, infrastructure, skills development and support for micro, small and medium enterprises.
For businesses, more efficient payment mechanisms could make international transactions easier and potentially encourage greater trade among BRICS economies. Companies engaged in exports, imports and cross-border services could particularly benefit from improved settlement arrangements.
However, experts note that building an effective alternative payment ecosystem would require greater coordination between central banks, financial institutions and regulators across member countries.
The summit also highlighted concerns over protectionist trade measures and unilateral economic restrictions, with leaders calling for a more open and predictable global trading environment.
BRICS members are increasingly seeking mechanisms that can strengthen trade resilience while giving developing economies a larger role in global economic decision-making.
The push for financial cooperation comes as businesses worldwide continue to navigate currency volatility, geopolitical tensions and disruptions to established supply chains.
For India, stronger economic links within BRICS could create opportunities for exporters and service providers while supporting efforts to diversify international trade and payment channels.